And that he says, is a big deal. “Since 1900 there’s been only six occasions where the S&P’s change was between +3 percent and –3 percent. 2011 will be the seventh,” he concludes.

Of course, not everyone sees it that way. OptionMonster Jon Najarian argues that the headwinds presented by Doug Kass won’t be as strong as the tailwinds from the economic stimulus – and tax cut extension.

And Dennis Gartman, author of the Gartman Letter adds that charts are bullish. “We’re going from the lower left to the upper right – until that trend changes I wouldn’t fade it,” he says.

Nonetheless when Doug Kass talks we listen largely because he’s had an uncanny track record for being right.

Less than a week before the S&P 500 hit a generational low of 676 on March 9, 2009, Kass went on CNBC and predicted the bottom. Also, on July 6, 2010, he said the market had made its lows for the year and so far, that has also proved to be true.

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Douglas Kass

All month Doug Kass revealed his 'Surprises for 2011' on CNBC’s Fast Money.

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Trader disclosure: On December 27th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Funds Managed by Dennis Gartman are short the Euro; Funds Managed by Dennis Gartman are short the Yen; Funds Managed by Dennis Gartman are long Steel; Funds Managed by Dennis Gartman are long Gold; Funds Managed by Dennis Gartman are long Crude Oil; Funds Managed by Dennis Gartman are long Nat Gas; Funds Managed by Dennis Gartman are long Silver; Funds Managed by Dennis Gartman are long Copper; Funds Managed by Dennis Gartman are long Orange Juice; Funds Managed by Dennis Gartman are long Soybeans; Funds Managed by Dennis Gartman are long Wheat; Scaramucci and Skybridge Capital are long USD; Scaramucci and Skybridge Capital own (AAPL); Scaramucci and Skybridge Capital own (C); Scaramucci and Skybridge Capital own (CSCO); Scaramucci and Skybridge Capital own (GS); Scaramucci and Skybridge Capital own (HRB); Scaramucci and Skybridge Capital own (MS); Terranova owns (UPL); Terranova owns (C); Terranova owns (PEP); Terranova owns (VRTS); Terranova owns (OXY); Terranova owns (GS); Cortes is short (LVS); Cortes is short (XRT) vs. the S&P; Cortes owns (TSN); Cortes is long USD vs. the Australian Dollar and the Mexican Peso; Cortes is short Gold; Cortes is short Nat Gas; Cortes is short Corn; Jon Najarian owns (AAPL), is short (AAPL) calls; Jon Najarian owns (MSFT), is short (MSFT) calls; Jon Najarian owns (XLF), is short (XLF) calls; Jon Najarian owns (MS), is short (MS) calls; Jon Najarian owns (BAC), is short (BAC) calls; Jon Najarian owns (CME), is short (CME) calls; jon Najarian owns (CBOE), is short (CBOE) calls; Jon Najarian owns (V), is short (V) calls; Jon Najarian owns (NKE), is short (NKE) calls; Jon Najarian owns (ADBE), is short (ADBE) calls; Jon Najarian owns (GDXJ), is short (GDXJ) calls; jon Najarian owns (MCP), is short (MCP) calls; Jon Najarian owns (REE), is short (REE) calls; Jon Najarian owns (XLF), is short (XLF) calls

JOE TERRANOVATerranova is Chief Market Strategist of Virtus Investment Partners, LTDVirtus Investment Partners Owns More Than 1% Of (ABAX)Virtus Investment Partners Owns More Than 1% Of (ALK)Virtus Investment Partners Owns More Than 1% Of (AMKR)Virtus Investment Partners Owns More Than 1% Of (CCG)Virtus Investment Partners Owns More Than 1% Of (CASS)Virtus Investment Partners Owns More Than 1% Of (CSVI)Virtus Investment Partners Owns More Than 1% Of (EPR)Virtus Investment Partners Owns More Than 1% Of (EXR)Virtus Investment Partners Owns More Than 1% Of (FCFS)Virtus Investment Partners Owns More Than 1% Of (IGE)Virtus Investment Partners Owns More Than 1% Of (KRC)Virtus Investment Partners Owns More Than 1% Of (LDR)Virtus Investment Partners Owns More Than 1% Of (LPHI)Virtus Investment Partners Owns More Than 1% Of (MGRC)Virtus Investment Partners Owns More Than 1% Of (NRCI)Virtus Investment Partners Owns More Than 1% Of (DBV)Virtus Investment Partners Owns More Than 1% Of (XLB)Virtus Investment Partners Owns More Than 1% Of (XLV)Virtus Investment Partners Owns More Than 1% Of (XLP)Virtus Investment Partners Owns More Than 1% Of (XLY)Virtus Investment Partners Owns More Than 1% Of (XLE)Virtus Investment Partners Owns More Than 1% Of (XLI)Virtus Investment Partners Owns More Than 1% Of (XLK)Virtus Investment Partners Owns More Than 1% Of (XLU)Virtus Investment Partners Owns More Than 1% Of (SUBK)Virtus Investment Partners Owns More Than 1% Of (WDFC)Virtus Investment Partners Owns More Than 1% Of (YDNT)Virtus Investment Partners Owns More Than 1% Of (CLB)Virtus Investment Partners Owns More Than 1% Of (DRYS)

TODD GORDONGordon is long U.S. Treasuries

DOUG KASSSeabreeze Partners Management is short S&P

JOHN STEPHENSONStephenson has no disclosures

MARYANN KELLERKeller has no disclosures

MIKE KHOUWCantor Fitzgerald & Co. is a market maker in (CHK PRD)

GARTMAN SOTFunds managed by Dennis Gartman are long SoybeansFunds managed by Dennis Gartman are long Wheat